Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

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OTHER BORROWED FUNDS
 6 Months Ended
Jun. 30, 2014
OTHER BORROWED FUNDS [Abstract]  
OTHER BORROWED FUNDS
NOTE 7 - OTHER BORROWED FUNDS

Other borrowed funds include advances from the Federal Home Loan Bank and borrowings from the Federal Reserve Bank.

Federal Home Loan Bank Advances

At period-end, advances from the Federal Home Loan Bank were as follows (dollars in thousands):
 
 
  
 
   
  
Weighted
  
 
  
Advance
  
 
  
Average
  
Principal Terms
  
Amount
  
Range of Maturities
  
Interest Rate
  
June 30, 2014
  
 
 
  
 
Single maturity fixed rate advances
  
$
80,000
  
August 2016 to February 2019
    
1.69
%
Amortizable mortgage advances
    
8,774
  
March 2018 to July 2018
    
3.77
%
 
  
$
88,774
  
 
        
 
 
  
 
   
  
Weighted
  
 
  
Advance
  
 
  
Average
  
Principal Terms
  
Amount
  
Range of Maturities
  
Interest Rate
  
December 31, 2013
  
 
 
  
 
Single maturity fixed rate advances
  
$
80,000
  
August 2016 to February 2019
    
1.69
%
Amortizable mortgage advances
    
9,991
  
March 2018 to July 2018
    
3.78
%
 
  
$
89,991
  
 
        
 
Each advance is subject to a prepayment fee if paid prior to its maturity date.  Fixed rate advances are payable at maturity.   Amortizable mortgage advances are fixed rate advances with scheduled repayments based upon amortization to maturity.  These advances were collateralized by residential and commercial real estate loans totaling $449,977,000 and $411,715,000 under a blanket lien arrangement at June 30, 2014 and December 31, 2013, respectively.

Scheduled repayments of FHLB advances as of June 30, 2014 were as follows (in thousands):
 
2014
  
$
667
  
2015
    
1,938
  
2016
    
21,996
  
2017
    
2,055
  
2018
    
52,118
  
Thereafter
    
10,000
  
 
  
$
88,774
  

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at June 30, 2014 and December 31, 2013, and the Company had approximately $24.4 million and $22.7 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $28.3 million and $26.6 million at June 30, 2014 and December 31, 2013, respectively.